Timeline of key announcements and measures taken by the IASB in response to the financial crisis

November 2009

• IASB completes first phase of financial instruments accounting reform 

October 2009

• IASB seeks candidates for Expert Advisory Panel membership (expected cash flow approach)
• Chairman of the IASB provides update to ECOFIN on reform of IAS 39

September 2009

• Trustees welcome Monitoring Board statement on accounting standards
• Trustees of the IASC Foundation issued a letter to G20 participants on the progress of the IASC Foundation and the IASB
• IASB announces round-table discussions on its proposals for fair value measurement in November and December 2009
• Trustees publish proposals aimed at enhanced accountability and stakeholder outreach

August 2009

• An updated summary of IASB response to G20 recommendations is published
• IASB and FASB announce joint round table discussions in September on their proposals for financial instruments, to be held in North America, Asia and Europe

July 2009

• IASB proposes improvements to financial instruments accounting

June 2009

 

• IASB seeks input on feasibility of expected loss model
• IASB seeks views on accounting for ‘own credit risk’

May 2009

• IASB progress update on IAS 39 replacement
• IASB publishes draft guidance on fair value measurement

April 2009

• Financial Crisis Advisory Group distributes letter to G-20
• IASB sets out timetable for IAS 39 replacement and its conclusions on FASB FSPs
• IASB Responds to G20 Recommendations and US GAAP Guidance
• Trustees express support for fundamental and urgent review of financial instruments accounting and conclude inaugural meeting with Monitoring Board
• Press release from IASC Foundation Monitoring Board

March 2009

• Financial Crisis Advisory Group distributes letter to G-20
• IASB and FASB announce further steps in response to global financial crisis
• IASB and FASB launch public consultation on a future standard on lease accounting
• IASB seeks input on proposed FASB guidance regarding fair value measurement and impairments of financial instruments
• Inaugural meeting of Monitoring Board and IASC Foundation Trustees
• IASB enhances financial instruments disclosures IFRS 7
• IASB clarifies the accounting treatment for embedded derivatives when reclassifying financial instruments
• Financial Crisis Advisory Group 3rd meeting / recording of audio webcast

February 2009

• Financial Crisis Advisory Group 2nd meeting / recording of audio webcast

January 2009

• IASB proposes additional disclosures for investments in debt instruments
• IASB proposes amendments to clarify the accounting for embedded derivatives
• IASB publishes proposed new Consolidation standard as part of comprehensive review of off balance sheet risk
• Listen to a recording of the London meeting of the Financial Crisis Advisory Group
• First meeting of the Financial Crisis Advisory Group to take place in London

December 2008

• IASB and FASB announce membership of Financial Crisis Advisory Group
• IASB provides update on steps taken in response to the global financial crisis
• Staff of IASB and IASCF publish update on responses to G20 conclusions

November 2008

• Hans Hoogervorst and Harvey Goldschmid to co-chair advisory group considering financial reporting issues arising from global economic crisis
• Trustees issue letter to G20 participants
• IASB and FASB announce dates for US and Asian round-tables on global financial crisis
• IASB and FASB to hold first round table on global financial crisis in London on 14 November 2008

October 2008 

• IASB publishes educational guidance on the application of fair value measurement when markets become inactive
• IASB and FASB commit to a global approach to enhance market confidence, rapid appointment of members of the advisory group and the organisation of three round tables
• IASB and FASB to create an advisory group to review reporting issues related to credit crisis
• IASB proposes improvements to financial instruments disclosures
• IASB provides update on applying fair value in inactive markets
• IASB issues amendments to permit the reclassification of certain financial instruments
• Trustees express their support of IASB’s accelerated steps on the credit crisis
• IASB announces next steps in response to credit crisis
• IASB staff confirm clarification by the SEC staff and the FASB staff is consistent with IAS 39 Financial Instruments: Recognition and Measurement
• Additional Board meeting takes place to discuss amendments to IFRS 7 and Disclosures

September 2008

• IASB organises round-table discussion of the revised staff proposal of an exposure draft on Consolidation [PDF]
• IASB discusses a comprehensive package of proposed amendments to IFRS 7 Financial Instruments: Disclosures
• Following six panel meetings the IASB issues draft report from expert advisory panel [PDF] and provides an update on response to the credit crisis

August 2008

• Expert Advisory Panel on fair value in illiquid markets discusses a draft document summarising disclosure issues raised at previous meetings
• Expert Advisory Panel on fair value in illiquid markets discusses disclosure requirements regarding the measurement of financial instruments in illiquid markets

July 2008

• Staff presents a first staff draft of an exposure draft of a standard on consolidation to the Board in its July meeting
• SAC meets to discuss the IASB’s responses to the crisis (see Observer notes [PDF] and listen to the MP3 recording of the debate )

June 2008 

• Expert Advisory Panel on fair value in illiquid markets meets for the first time (see also Meeting summaries )
• IASB forms an Expert Advisory Panel to identify valuation and disclosure issues in illiquid markets